BNB price analysis for 10 February 2023, BNB, the fifth largest cryptocurrency based on market cap, is in a downtrend since November 2021. The downtrend broke in August but the 50 weekly SMMA stood as resistance that has been surpassed. You can read more about BNB price from CoinCodex. On the fifth day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD slightly turns positive and the RSI fluctuates over 50.
BNB price analysis on the Daily Chart 10 February 2023
By diving into the daily timeframe, the price tries to reach the 50 SMMA line ($290.4). Additionally, the price failed to continue higher and encounter the previous tops.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD indicator is positive with a negative histogram.
The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB dropped below the 50 SMMA ($314.7). The Volume Profile indicator determines $303.4 as strong trading area that has been encountered. The price moves lower and we observe the price for a possible return back to to 50 SMMA.
The 5-hour MACD is negative. Moreover, the 5-hour RSI fluctuates below 50.
Conclusion
The price of BNB forms a bearish momentum in the weekly chart as the technical analysis and the indicators coincide. In the short-term scale, sellers lead the price lower and a new downtrend is very likely to appear.
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